336.4A-105 OTHER DEFINITIONS. (a) In this article: (1) 'Authorized account' means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account. (2) 'Bank' means a person engaged in the business of banking and includes a savings bank, savings association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this article. (3) 'Customer' means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders. (4) 'Funds-transfer business day' of a receiving bank means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders and cancellations and amendments of payment orders. (5) 'Funds-transfer system' means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association ncellations and amendments of payment orders. (5) 'Funds-transfer system' means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed. (6) (Reserved.) (7) 'Prove' with respect to a fact means to meet the burden of establishing the fact (section 336.1-201(b)(8)). (b) Other definitions applying to the article and the sections in which they appear: 'Acceptance.' Section 336.4A-209. 'Beneficiary.' Section 336.4A-103. 'Beneficiary's bank.' Section 336.4A-103. 'Executed.' Section 336.4A-301. 'Execution date.' Section 336.4A-301. 'Funds transfer.' Section 336.4A-104. 'Funds-transfer system rule.' Section 336.4A-501. 'Intermediary bank.' Section 336.4A-104. 'Originator.' Section 336.4A-104. 'Originator's bank.' Section 336.4A-104. 'Payment by beneficiary's bank to beneficiary.' Section 336.4A-405. 'Payment by originator to beneficiary.' Section 336.4A-406. 'Payment by sender to receiving bank.' Section 336.4A-403. 'Payment date.' Section 336.4A-401. 'Payment order.' Section 336.4A-103. 4A-405. 'Payment by originator to beneficiary.' Section 336.4A-406. 'Payment by sender to receiving bank.' Section 336.4A-403. 'Payment date.' Section 336.4A-401. 'Payment order.' Section 336.4A-103. 'Receiving bank.' Section 336.4A-103. 'Security procedure.' Section 336.4A-201. 'Sender.' Section 336.4A-103. (c) The following definitions in article 4 apply to this article: 'Clearinghouse.' Section 336.4-104. 'Item.' Section 336.4-104. 'Suspends payments.' Section 336.4-104. (d) In addition, sections 336.1-101 to 336.1-206 contain general definitions and principles of construction and interpretation applicable throughout this article. History: 1990 c 582 art 1 s 5; 1995 c 202 art 1 s 25; 2004 c 162 art 2 s 11; 2005 c 10 art 1 s 68 336.4A-105 OTHER DEFINITIONS. (a) In this article: (1) 'Authorized account' means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account. (2) 'Bank' means a person engaged in the business of banking and includes a savings bank, savings association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this article. (3) 'Customer' means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders. (4) 'Funds-transfer business day' of a receiving bank means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders and cancellations and amendments of payment orders. (5) 'Funds-transfer system' means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association ncellations and amendments of payment orders. (5) 'Funds-transfer system' means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed. (6) (Reserved.) (7) 'Prove' with respect to a fact means to meet the burden of establishing the fact (section 336.1-201(b)(8)). (b) Other definitions applying to the article and the sections in which they appear: 'Acceptance.' Section 336.4A-209. 'Beneficiary.' Section 336.4A-103. 'Beneficiary's bank.' Section 336.4A-103. 'Executed.' Section 336.4A-301. 'Execution date.' Section 336.4A-301. 'Funds transfer.' Section 336.4A-104. 'Funds-transfer system rule.' Section 336.4A-501. 'Intermediary bank.' Section 336.4A-104. 'Originator.' Section 336.4A-104. 'Originator's bank.' Section 336.4A-104. 'Payment by beneficiary's bank to beneficiary.' Section 336.4A-405. 'Payment by originator to beneficiary.' Section 336.4A-406. 'Payment by sender to receiving bank.' Section 336.4A-403. 'Payment date.' Section 336.4A-401. 'Payment order.' Section 336.4A-103. 4A-405. 'Payment by originator to beneficiary.' Section 336.4A-406. 'Payment by sender to receiving bank.' Section 336.4A-403. 'Payment date.' Section 336.4A-401. 'Payment order.' Section 336.4A-103. 'Receiving bank.' Section 336.4A-103. 'Security procedure.' Section 336.4A-201. 'Sender.' Section 336.4A-103. (c) The following definitions in article 4 apply to this article: 'Clearinghouse.' Section 336.4-104. 'Item.' Section 336.4-104. 'Suspends payments.' Section 336.4-104. (d) In addition, sections 336.1-101 to 336.1-206 contain general definitions and principles of construction and interpretation applicable throughout this article. History: 1990 c 582 art 1 s 5; 1995 c 202 art 1 s 25; 2004 c 162 art 2 s 11; 2005 c 10 art 1 s 68
Minnesota Legal Code